The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -7.67 mmb to 1275.92 mmb in the week ended May 21. Crude oil inventory fell -1.66 mmb (consensus: -1.05 mmb) to 484.35 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 2 (Midwest) and PADD 3 (Gulf Coast) saw declines of -1.69 mmb and -1.9 mmb, respectively. Cushing stock dropped -1.01 mmb to 44.76 mmb. Utilization rate added +0.7 percentage point to 87% while crude production steadied at 11M bpd for the week. Crude oil imports decreased -0.14M bpd to 6.27M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -1.75 mmb, to 232.48 mmb as demand rose +2.76% to 9.48M bpd. The market had anticipated a -0.61 mmb decrease in stockpile. Production slipped -0.05% to 9.75M bpd while imports dropped -4.35% to 1.03M bpd during the week. Distillate stockpile declined -3.01 mmb to 129.08 mmb. The market had anticipated a -1.9 mmb fall. Demand soared +9.93% to 4.46M bpd. Production added +2.46% to 4.67 mmb while imports gained +2.25% to 0.27M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory was down -0.44 mmb. Gasoline stockpile dropped -1.99 mmb, while that for distillate plunged -5.14 mmb.